Texas Real Estate License Act - Chapter 7
Texas Real Estate License Act was passed in
1939
The salesperson exam is divided into two parts. The state portion has #### questions, and the national portion has ### questions.
30/80
Passing grade on the salesperson exam is ### %
70
All are true of the Real Estate Recovery Account
Each applicant for licensure must pay $10 toward the trust account; $50,000 is the max per transaction, and $100, 000 is the max on behalf of a licensee; If the balance in the trust account on Dec. 31st of a year is more than $3.5 million, the Commission will transfer the excess into the state's general fund
In an administrative penalty by TREC
If the person does not pay the administrative fee, the administrator is authorized by the Commission to refer the matter to the attorney general for collection
A portion of the broker and salesperson application fee is paid to
The Texas Real Estate Research Center
Sunset Act
The provision of the license act that could potentially abolish the Texas real estate commission
If a sales representative working in Galaxy Custom Homes new model home park, is limited to selling only Galaxy homes, he will be
exempt from the requirements of the license act
Broker members of the TREC must have been actively engaged in the real estate broker business as their primary source of income for the past
five years
Grounds for suspension or revocation of a certificate of registration include
fraud, untrustworthiness and misrepresentation
The TREC may adopt rules that require license holders to use certain contract forms adopted by the commission
in all transactions except those where a form has been prepared by the property owner or the property owner's attorney
The TREC consists of
nine members
Texas Real Estate License Act is a part of the
occupation code
A broker who maintains more than one place of business in Texas must maintain a
office licence for each location
purpose of real estate license act
protect the general public from unscrupulous brokers and salespeople
a sub agent is a license holder who
represents a principal through cooperation with the consent of a broker representing the principal; and is not sponsored by or associated with the principal's broker
A person who offers, for consideration to locate a unit in an apartment complex for lease to a prospective tenant is known as a
residential rental locator
A broker is a person who, for compensation
sells, exchanges or leases real estate property; lists or attempts to list real estate for sale, lease or exchange; controls the acceptance or deposit of rent from a resident for a single-family real property unit
# of TREC members that are brokers
six
Number of hours required by a broker or salesperson license is established by the
state legislature
Sally wishes to once again become active in the real estate brokerage business. Her license has been expired for seven months. She must
submit an application for a new license and retake the exam
brokerage
the aspect of real estate business which brings together parties and completes a real estate transaction involving rentals, exchanges, and trade-ins of property as well as sales
The Commission is required to prioritize the investigation of complaints based upon
the degree of potential harm to a consumer; potential for immediate harm to a consumer; overall severity of the allegations in the complaint
# of TREC members represent the public
three
The Texas Broker-Lawyer Committee
writes the TREC promulgated contract forms
The Commission will investigate a claim that is
written and signed
In order for a licensed attorney in Louisiana to be paid commission to represent/negotiate on behalf of a purchaser of real estate in Texas
A Texas Real Estate license is required.
A broker must display in each place of business that he maintains
Consumer Information Form 1-1
A licensed broker or salesperson must never
Place a sign on real property for sale or lease w/out the written consent of the property owner or owner's agent;Act in a dual capacity as broker and undisclosed principal in a real estate transaction; Guarantee that future profits will result from a resale of real property
When filing a complaint against a license holder,
a consumer has 4 years from the date of incident to file a complaint with TREC
A civil suit may be filed by an injured party when
a non-licensed person acts as a broker or salesperson, and received commission for selling real estate
TREC may solicit and accept gifts, grants and donations from
any source
An investigation will take place by TREC for actions of a license holder if the following are received
any written and signed complaint; submitted no later than the 4th anniversary of the date of the incident
The following is required to obtain a real estate license in Texas
applicant must show competence by passing the exam; applicant must be a resident of TX at time of application; applicant must be of good moral character
The TREC members are appointed and approved by the
appointed by the governor and approved by the senate
An applicant for real estate license must disclose in the license application whether the applicant has
been convicted of a felony; entered a plea of nolo contendere to a felony; been convicted of a felony at the time the appeal has lapsed or the judgment or conviction has been affirmed on appeal
The TREC subpoena authority includes
calling of witnesses; examination of witnesses under oath; and delivery of records and documents
Any person engaging in business as a residential rental locator in TX w/out a license may be
charged with a Class A Misdemeanor
